# Common Monetary Area: CA Regression Detail

| Variable | CMA: Z+ctrl | CMA: Z only | CMA: Age |
|:---|---:|---:|---:|
| Z_1 | -89.7525 | -43.2847 | |
| | (103.8813) | (97.2776) | |
| Z_2 | 14.4676 | 6.7903 | |
| | (16.3273) | (15.2948) | |
| Z_3 | -0.5567 | -0.2639 | |
| | (0.6970) | (0.6549) | |
| fiscal_bal_gdp | 0.4372*** | | 0.4330** |
| | (0.1661) | | (0.1682) |
| nfa_gdp_lag | 3.6683 | | 3.1995 |
| | (3.8249) | | (3.9211) |
| rgdp_growth | -0.2512 | | -0.2473 |
| | (0.1958) | | (0.1973) |
| old_dep | | | 186.9867 |
| | | | (237.3244) |
| youth_dep | | | 13.5643 |
| | | | (19.0937) |
|:---|---:|---:|---:|
| N | 146 | 170 | 146 |
| R² | 0.1790 | 0.0650 | 0.0656 |
| Countries | 4 | 4 | 4 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*